The US sanctions 8 mainland Chinese and Hong Kong shipping companies for operating vessels that transported Iranian oil to China and the UAE, amid ongoing economic campaign against Tehran.
US Treasury revoked General License X, impacting Iranian oil transactions. While crude oil prices rose due to tanker attacks near the Strait of Hormuz, Bitcoin remained stable, raising questions about market confidence and future inflation impacts.
Indian refiners are exploring purchases of Iranian crude if US waivers are extended beyond August. Despite fully contracted August shipments, they may buy if discounts are significant, though Russian oil currently offers steeper discounts. India's imports from Russia have recently hit record levels.
Indian refiners are unlikely to significantly increase purchases of Iranian crude despite a 60-day US sanctions waiver. Factors limiting new buying include uncertainty over the waiver's duration, payment constraints, and existing supply commitments, according to analyst Sumit Ritolia.
Oil prices fell Monday after the U.S. Treasury Department issued a 60-day license authorizing Iranian crude sales and imports, following progress in peace talks between the US and Iran.
China ordered companies to ignore US sanctions against five oil refiners accused of buying Iranian crude, an unprecedented pushback against American financial measures less than two weeks before a presidential summit. The US action “violates international law and the basic norms of international relations”, China’s Ministry of Commerce said on Saturday. The sanctions cover a refinery in Dalian owned by Shanghai-listed Hengli Petrochemical, along with four independent “teapot” refineries –...
The United States on Friday sanctioned multiple entities and individuals it said were involved in trading Iranian petroleum and petroleum products, including a China-based oil terminal operator and a Chinese national. The State Department said the operator, Qingdao Haiye Oil Terminal Co., Ltd, “imported tens of millions of barrels of sanctioned Iranian crude oil”. Also on the sanctions list is Li Xinchun, a Chinese national who is president of the China-based oil terminal, as well as a Hong...
The US Treasury Department announced fresh sanctions on a major China-based oil refinery and approximately 40 shipping companies and tankers linked to Iranian oil transport. The measures target what Washington describes as an extensive shadow network moving Iranian crude to global markets, part of the broader 'maximum pressure' campaign and 'Economic Fury' initiative to restrict Iran's oil income. China criticized the move, accusing Washington of abusing unilateral sanctions. China remains the largest buyer of Iranian oil, accounting for over 80% of exports.
